Monday, November 2, 2009

How your health insurance may change...

With the new health care bill about to be passed, what is going to happen to those people who currently have insurance through their employer? Well, if you work for a for-profit company, be prepared for some unwanted changes!

To abide by this bill, companies have to find a way to deal with the taxes, etc that will be imposed on them. And, for most of us, that means our coverage will change one way or the other. For some it will be a reduction in what is covered or how much is covered. For others it will be increased premiums. Regardless, it means your insurance won't be as good for the money you spend.

So, what do I think will happen in the long run? If there is a public option in the final bill, then eventually that will be the only option. Individuals and companies will realize that it is cheaper to go that route, and so they will. Then, insurance companies will fold because they don't have enough clients. In the end, there may be one or two insurance companies out there, but the majority of Americans will use the public option because it is really their only choice...